,i  #aafth ,,congress  #ast ,session    
,h4 ,r4 #aiic  ,,in ,,the ,,house ,,of  
,,representatives  ,march #bi1 #bjai,mr4
 ,kind 7for himself and ,mr4 ,kelly of  
,pennsylvania7 introduced the following 
bill2 which was referred to the         
,committee on ,education and ,labor1 and
 in addition to the ,committee on ,ways 
and ,means1 for a period to be          
subsequently determined by the ,speaker1
 in each case for consideration of such 
provisions as fall within the           
jurisdiction of the committee concerned 
,a ,,bill  ,to amend the ,internal      
,revenue ,code of #aihf and the         
,employee ,retirement ,income ,security 
,act of #aigd to modify the rules       
relating to multiple employer plans and 
pooled employer plans and to modify     
,,pbgc premiums for ,,csec plans4  #a4  
,short title ,this ,act may be cited as 
the ,providing ,retirement ,security to 
,workers in ,small ,businesses1         
,cooperatives1 and ,service             
,organizations ,act of #bjai4  #b4      

,multiple employer plans2 pooled        
employer plans  7a7 ,qualification      
requirements  7#a7 ,in general ,section 
#dac of the ,internal ,code of #aihf is 
amended by adding at the end the        
following new subsection3  7e7          
,application of qualification           
requirements for certain multiple       
employer plans with pooled plan         
providers  7#a7 ,in general ,except as  
provided in paragraph 7#b71 if a defined
 contribution plan to which subsection  
7c7 applies--  7,a7 is maintained by    
employers which have a common interest  
other than having adopted the plan1 or  
7,b7 in the case of a plan not described
 in subparagraph 7,a71 has a pooled plan
 provider1  then the plan shall not be  
treated as failing to meet the          
requirements under this title applicable
 to a plan described in section #dja7;a7
 or to a plan that consists of          
individual retirement accounts described
 in section #djh 7including by reason of
 subsection 7c7 thereof71 whichever is  

applicable1 merely because one or more  
employers of employees covered by the   
plan fail to take such actions as are   
required of such employers for the plan 
to meet such requirements4  7#b7        
,limitations  7,a7 ,in general          
,paragraph 7#a7 shall not apply to any  
plan unless the terms of the plan       
provide that in the case of any employer
 in the plan failing to take the actions
 described in paragraph 7#a7--  7i7 the 
assets of the plan attributable to      
employees of such employer 7or          
beneficiaries of such employees7 will be
 transferred to a plan maintained only  
by such employer 7or its successor71 to 
an eligible retirement plan as defined  
in section #djb7;c77#h77;,b7 for each   
individual whose account is transferred1
 or to any other arrangement that the   
,secretary determines is appropriate1   
unless the ,secretary determines it is  
in the best interests of the employees  
of such employer 7and the beneficiaries 
of such employees7 to retain the assets 

in the plan1 and  7ii7 such employer    
7and not the plan with respect to which 
the failure occurred or any other       
employer in such plan7 shall1 except to 
the extent provided by the ,secretary1  
be liable for any liabilities with      
respect to such plan attributable to    
employees of such employer 7or          
beneficiaries of such employees74  7,b7 
,failures by pooled plan providers ,if  
the pooled plan provider of a plan      
described in paragraph 7#a77;,b7 does   
not perform substantially all of the    
administrative duties which are required
 of the provider under paragraph        
7#c77;,a77i7 for any plan year1 the     
,secretary may provide that the         
determination as to whether the plan    
meets the requirements under this title 
applicable to a plan described in       
section #dja7;a7 or to a plan that      
consists of individual retirement       
accounts described in section #djh      
7including by reason of subsection 7c7  
thereof71 whichever is applicable1 shall

 be made in the same manner as would be 
made without regard to paragraph 7#a74  
7#c7 ,pooled plan provider  7,a7 ,in    
general ,for purposes of this           
subsection1 the term pooled plan        
provider means1 with respect to any     
plan1 a person who-- 7i7 is designated  
by the terms of the plan as a named     
fiduciary 7within the meaning of section
 #djb7;a77#b7 of the ,employee          
,retirement ,income ,security ,act of   
#aigd71 as the plan administrator1 and  
as the person responsible to perform all
 administrative duties 7including       
conducting proper testing with respect  
to the plan and the employees of each   
employer in the plan7 which are         
reasonably necessary to ensure that--   
7,i7 the plan meets any requirement     
applicable under the ,employee          
,retirement ,income ,security ,act of   
#aigd or this title to a plan described 
in section #dja7;a7 or to a plan that   
consists of individual retirement       
accounts described in section #djh      

7including by reason of subsection 7c7  
thereof71 whichever is applicable1 and  
7,,ii7 each employer in the plan takes  
such actions as the ,secretary or such  
person determines are necessary for the 
plan to meet the requirements described 
in subclause 7,i71 including providing  
to such person any disclosures or other 
information which the ,secretary may    
require or which such person otherwise  
determines are necessary to administer  
the plan or to allow the plan to meet   
such requirements1  7ii7 registers as a 
pooled plan provider with the           
,secretary1 and provides such other     
information to the ,secretary as the    
,secretary may require1 before beginning
 operations as a pooled plan provider1  
7iii7 acknowledges in writing that such 
person is a named fiduciary 7within the 
meaning of section #djb7;a77#b7 of the  
,employee ,retirement ,income ,security 
,act of #aigd71 and the plan            
administrator1 with respect to the plan1
 and  7iv7 is responsible for ensuring  

that all persons who handle assets of1  
or who are fiduciaries of1 the plan are 
bonded in accordance with section #dab  
of the ,employee ,retirement ,income    
,security ,act of #aigd4  7,b7 ,audits1 
examinations and investigations ,the    
,secretary may perform audits1          
examinations1 and investigations of     
pooled plan providers as may be         
necessary to enforce and carry out the  
purposes of this subsection4  7,c7      
,aggregation rules ,for purposes of this
 paragraph1 in determining whether a    
person meets the requirements of this   
paragraph to be a pooled plan provider  
with respect to any plan1 all persons   
who perform services for the plan and   
who are treated as a single employer    
under subsection 7b71 7c71 7m71 or 7o7  
of section #dad shall be treated as one 
person4  7,d7 ,treatment of employers as
 plan sponsors ,except with respect to  
the administrative duties of the pooled 
plan provider described in subparagraph 
7,a77i71 each employer in a plan which  

has a pooled plan provider shall be     
treated as the plan sponsor with respect
 to the portion of the plan attributable
 to employees of such employer 7or      
beneficiaries of such employees74  7#d7 
,guidance  7,a7 ,in general ,the        
,secretary shall issue such guidance as 
the ,secretary determines appropriate to
 carry out this subsection1 including   
guidance--  7i7 to identify the         
administrative duties and other actions 
required to be performed by a pooled    
plan provider under this subsection1    
7ii7 which describes the procedures to  
be taken to terminate a plan which fails
 to meet the requirements to be a plan  
described in paragraph 7#a71 including  
the proper treatment of1 and actions    
needed to be taken by1 any employer in  
the plan and the assets and liabilities 
of the plan attributable to employees of
 such employer 7or beneficiaries of such
 employees71 and  7iii7 identifying     
appropriate cases to which the rules of 
paragraph 7#b77;,a7 will apply to       

employers in the plan failing to take   
the actions described in paragraph 7#a74
  ,the ,secretary shall take into       
account under clause 7iii7 whether the  
failure of an employer or pooled plan   
provider to provide any disclosures or  
other information1 or to take any other 
action1 necessary to administer a plan  
or to allow a plan to meet requirements 
applicable to the plan under section    
#dja7;a7 or #djh1 whichever is          
applicable1 has continued over a period 
of time that demonstrates a lack of     
commitment to compliance4  7,b7 ,good   
faith compliance with law before        
guidance ,an employer or pooled plan    
provider shall not be treated as failing
 to meet a requirement of guidance      
issued by the ,secretary under this     
paragraph if1 before the issuance of    
such guidance1 the employer or pooled   
plan provider complies in good faith    
with a reasonable interpretation of the 
provisions of this subsection to which  
such guidance relates4  7#e7 ,model plan

 ,the ,secretary shall publish model    
plan language which meets the           
requirements of this subsection and of  
paragraphs 7#dc7 and 7#dd7 of section #c
 of the ,employee ,retirement ,income   
,security ,act of #aigd and which may be
 adopted in order for a plan to be      
treated as a plan described in paragraph
 7#a77;,b74  4  7#b7 ,conforming        
amendment ,section #dac7;c77#b7 of such 
,code is amended by striking section    
#dja7;a7 and inserting sections #dja7;a7
 and #djh7;c74  7#c7 ,technical         
amendment ,section #djh7;c7 of such     
,code is amended by inserting after     
paragraph 7#b7 the following new        
paragraph3  7#c7 ,there is a separate   
accounting for any interest of an       
employee or member 7or spouse of an     
employee or member7 in a ,roth ,,ira4  4
  7b7 ,no common interest required for  
pooled employer plans ,section #c7b7 of 
the ,employee ,retirement ,income       
,security ,act of #aigd 7#bi ,u4,s4,c4  
#ajjb7b77 is amended by adding at the   

end the following3  7,c7 ,a pooled      
employer plan shall be treated as-- 7i7 
a single employee pension benefit plan  
or single pension plan2 and  7ii7 a plan
 to which section #baj7;a7 applies4  4  
7c7 ,pooled employer plan and provider  
defined  7#a7 ,in general ,section #c of
 the ,employee ,retirement ,income      
,security ,act of #aigd 7#bi ,u4,s4,c4  
#ajjb7 is amended by adding at the end  
the following3  7#dc7 ,pooled employer  
plan  7,a7 ,in general ,the term pooled 
employer plan means a plan-- 7i7 which  
is an individual account plan           
established or maintained for the       
purpose of providing benefits to the    
employees of #b or more employers2  7ii7
 which is a plan described in section   
#dja7;a7 of the ,internal ,revenue ,code
 of #aihf which includes a trust exempt 
from tax under section #eja7;a7 of such 
,code or a plan that consists of        
individual retirement accounts described
 in section #djh of such ,code          
7including by reason of subsection 7c7  

thereof72 and  7iii7 the terms of which 
meet the requirements of subparagraph   
7,b74  ,such term shall not include a   
plan maintained by employers which have 
a common interest other than having     
adopted the plan4  7,b7 ,requirements   
for plan terms ,the requirements of this
 subparagraph are met with respect to   
any plan if the terms of the plan--  7i7
 designate a pooled plan provider and   
provide that the pooled plan provider is
 a named fiduciary of the plan2  7ii7   
designate one or more trustees meeting  
the requirements of section #djh7;a77#b7
 of the ,internal ,revenue ,code of     
#aihf 7other than an employer in the    
plan7 to be responsible for collecting  
contributions to1 and holding the assets
 of1 the plan and require such trustees 
to implement written contribution       
collection procedures that are          
reasonable1 diligent1 and systematic2   
7iii7 provide that each employer in the 
plan retains fiduciary responsibility   
for-- 7,i7 the selection and monitoring 

in accordance with section #djd7;a7 of  
the person designated as the pooled plan
 provider and any other person who1 in  
addition to the pooled plan provider1 is
 designated as a named fiduciary of the 
plan2 and  7,,ii7 to the extent not     
otherwise delegated to another fiduciary
 by the pooled plan provider and subject
 to the provisions of section #djd7;c71 
the investment and management of the    
portion of the plan's assets            
attributable to the employees of the    
employer 7or beneficiaries of such      
employees72  7iv7 provide that employers
 in the plan1 and participants and      
beneficiaries1 are not subject to       
unreasonable restrictions1 fees1 or     
penalties with regard to ceasing        
participation1 receipt of distributions1
 or otherwise transferring assets of the
 plan in accordance with section #bjh or
 paragraph 7#dd77;,c77i77,,ii72  7v7    
require-- 7,i7 the pooled plan provider 
to provide to employers in the plan any 
disclosures or other information which  

the ,secretary may require1 including   
any disclosures or other information to 
facilitate the selection or any         
monitoring of the pooled plan provider  
by employers in the plan2 and  7,,ii7   
each employer in the plan to take such  
actions as the ,secretary or the pooled 
plan provider determines are necessary  
to administer the plan or for the plan  
to meet any requirement applicable under
 this ,act or the ,internal ,revenue    
,code of #aihf to a plan described in   
section #dja7;a7 of such ,code or to a  
plan that consists of individual        
retirement accounts described in section
 #djh of such ,code 7including by reason
 of subsection 7c7 thereof71 whichever  
is applicable1 including providing any  
disclosures or other information which  
the ,secretary may require or which the 
pooled plan provider otherwise          
determines are necessary to administer  
the plan or to allow the plan to meet   
such requirements2 and  7vi7 provide    
that any disclosure or other information

 required to be provided under clause   
7v7 may be provided in electronic form  
and will be designed to ensure only     
reasonable costs are imposed on pooled  
plan providers and employers in the     
plan4  7,c7 ,exceptions ,the term pooled
 employer plan does not include-- 7i7 a 
multiemployer plan2 or  7ii7 a plan     
established before the date of the      
enactment of the ,setting ,every        
,community ,up for ,retirement          
,enhancement ,act of #bjai unless the   
plan administrator elects that the plan 
will be treated as a pooled employer    
plan and the plan meets the requirements
 of this title applicable to a pooled   
employer plan established on or after   
such date4  7,d7 ,treatment of employers
 as plan sponsors ,except with respect  
to the administrative duties of the     
pooled plan provider described in       
paragraph 7#dd77;,a77i71 each employer  
in a pooled employer plan shall be      
treated as the plan sponsor with respect
 to the portion of the plan attributable

 to employees of such employer 7or      
beneficiaries of such employees74  7#dd7
 ,pooled plan provider  7,a7 ,in general
 ,the term pooled plan provider means a 
person who-- 7i7 is designated by the   
terms of a pooled employer plan as a    
named fiduciary1 as the plan            
administrator1 and as the person        
responsible for the performance of all  
administrative duties 7including        
conducting proper testing with respect  
to the plan and the employees of each   
employer in the plan7 which are         
reasonably necessary to ensure that--   
7,i7 the plan meets any requirement     
applicable under this ,act or the       
,internal ,revenue ,code of #aihf to a  
plan described in section #dja7;a7 of   
such ,code or to a plan that consists of
 individual retirement accounts         
described in section #djh of such ,code 
7including by reason of subsection 7c7  
thereof71 whichever is applicable2 and  
7,,ii7 each employer in the plan takes  
such actions as the ,secretary or pooled

 plan provider determines are necessary 
for the plan to meet the requirements   
described in subclause 7,i71 including  
providing the disclosures and           
information described in paragraph      
7#dc77;,b77v77,,ii72  7ii7 registers as 
a pooled plan provider with the         
,secretary1 and provides to the         
,secretary such other information as the
 ,secretary may require1 before         
beginning operations as a pooled plan   
provider2  7iii7 acknowledges in writing
 that such person is a named fiduciary1 
and the plan administrator1 with respect
 to the pooled employer plan2 and  7iv7 
is responsible for ensuring that all    
persons who handle assets of1 or who are
 fiduciaries of1 the pooled employer    
plan are bonded in accordance with      
section #dab4  7,b7 ,audits1            
examinations and investigations ,the    
,secretary may perform audits1          
examinations1 and investigations of     
pooled plan providers as may be         
necessary to enforce and carry out the  

purposes of this paragraph and paragraph
 7#dc74  7,c7 ,guidance ,the ,secretary 
shall issue such guidance as the        
,secretary determines appropriate to    
carry out this paragraph and paragraph  
7#dc71 including guidance--  7i7 to     
identify the administrative duties and  
other actions required to be performed  
by a pooled plan provider under either  
such paragraph2 and  7ii7 which requires
 in appropriate cases that if an        
employer in the plan fails to take the  
actions required under subparagraph     
7,a77i77,,ii7--  7,i7 the assets of the 
plan attributable to employees of such  
employer 7or beneficiaries of such      
employees7 are transferred to a plan    
maintained only by such employer 7or its
 successor71 to an eligible retirement  
plan as defined in section              
#djb7;c77#h77;,b7 of the ,internal      
,revenue ,code of #aihf for each        
individual whose account is transferred1
 or to any other arrangement that the   
,secretary determines is appropriate in 

such guidance2 and  7,,ii7 such employer
 7and not the plan with respect to which
 the failure occurred or any other      
employer in such plan7 shall1 except to 
the extent provided in such guidance1 be
 liable for any liabilities with respect
 to such plan attributable to employees 
of such employer 7or beneficiaries of   
such employees74  ,the ,secretary shall 
take into account under clause 7ii7     
whether the failure of an employer or   
pooled plan provider to provide any     
disclosures or other information1 or to 
take any other action1 necessary to     
administer a plan or to allow a plan to 
meet requirements described in          
subparagraph 7,a77i77,,ii7 has continued
 over a period of time that demonstrates
 a lack of commitment to compliance4    
,the ,secretary may waive the           
requirements of subclause 7ii77,i7 in   
appropriate circumstances if the        
,secretary determines it is in the best 
interests of the employees of the       
employer referred to in such clause 7and

 the beneficiaries of such employees7 to
 retain the assets in the plan with     
respect to which the employer's failure 
occurred4  7,d7 ,good faith compliance  
with law before guidance ,an employer or
 pooled plan provider shall not be      
treated as failing to meet a requirement
 of guidance issued by the ,secretary   
under subparagraph 7,c7 if1 before the  
issuance of such guidance1 the employer 
or pooled plan provider complies in good
 faith with a reasonable interpretation 
of the provisions of this paragraph1 or 
paragraph 7#dc71 to which such guidance 
relates4  7,e7 ,aggregation rules ,for  
purposes of this paragraph1 in          
determining whether a person meets the  
requirements of this paragraph to be a  
pooled plan provider with respect to any
 plan1 all persons who perform services 
for the plan and who are treated as a   
single employer under subsection 7b71   
7c71 7m71 or 7o7 of section #dad of the 
,internal ,revenue ,code of #aihf shall 
be treated as one person4  4  7#b7      

,bonding requirements for pooled        
employer plans ,the last sentence of    
section #dab7;a7 of the ,employee       
,retirement ,income ,security ,act of   
#aigd 7#bi ,u4,s4,c4 #aaab7;a77 is      
amended by inserting or in the case of a
 pooled employer plan 7as defined in    
section #c7dc77 after section           
#djg7;d77#a774  7#c7 ,conforming and    
technical amendments ,section #c of the 
,employee ,retirement ,income ,security 
,act of #aigd 7#bi ,u4,s4,c4 #ajjb7 is  
amended-- 7,a7 in paragraph 7#af77;,b7--
  7i7 by striking or at the end of      
clause 7ii72 and  7ii7 by striking the  
period at the end and inserting 1 or    
7iv7 in the case of a pooled employer   
plan1 the pooled plan provider42 and    
7,b7 by striking the second paragraph   
7#da74  7d7 ,pooled employer and        
multiple employer plan reporting  7#a7  
,additional information ,section #ajc of
 the ,employee ,retirement ,income      
,security ,act of #aigd 7#bi ,u4,s4,c4  
#ajbc7 is amended--  7,a7 in subsection 

7a77#a77;,b71 by striking applicable    
subsections 7d71 7e71 and 7f7 and       
inserting applicable subsections 7d71   
7e71 7f71 and 7g72 and  7,b7 by amending
 subsection 7g7 to read as follows3  7g7
 ,additional information with respect to
 pooled employer and multiple employer  
plans ,an annual report under this      
section for a plan year shall include-- 
7#a7 with respect to any plan to which  
section #baj7;a7 applies 7including a   
pooled employer plan71 a list of        
employers in the plan and a good faith  
estimate of the percentage of total     
contributions made by such employers    
during the plan year and the aggregate  
account balances attributable to each   
employer in the plan 7determined as the 
sum of the account balances of the      
employees of such employer 7and the     
beneficiaries of such employees772 and  
7#b7 with respect to a pooled employer  
plan1 the identifying information for   
the person designated under the terms of
 the plan as the pooled plan provider4  

4  7#b7 ,simplified annual reports      
,section #ajd7;a7 of the ,employee      
,retirement ,income ,security ,act of   
#aigd 7#bi ,u4,s4,c4 #ajbd7;a77 is      
amended by striking paragraph 7#b77;,a7 
and inserting the following3  7#b7  7,a7
 ,with respect to annual reports        
required to be filed with the ,secretary
 under this part1 the ,secretary may by 
regulation prescribe simplified annual  
reports for any pension plan that--  7i7
 covers fewer than #ajj participants2 or
  7ii7 is a plan described in section   
#baj7;a7 that covers fewer than #a1jjj  
participants1 but only if no single     
employer in the plan has #ajj or more   
participants covered by the plan4  4    
7e7 ,effective date  7#a7 ,in general   
,the amendments made by this section    
shall apply to plan years beginning     
after ,december #ca1 #bjbj4  7#b7 ,rule 
of construction ,nothing in the         
amendments made by subsection 7a7 shall 
be construed as limiting the authority  
of the ,secretary of the ,treasury or   

the ,secretary's delegate 7determined   
without regard to such amendment7 to    
provide for the proper treatment of a   
failure to meet any requirement         
applicable under the ,internal ,revenue 
,code of #aihf with respect to one      
employer 7and its employees7 in a       
multiple employer plan4  #c4            
,modification of ,,pbgc premiums for    
,,csec plans  7a7 ,flat rate premium    
,subparagraph 7,a7 of section           
#djjf7;a77#c7 of the ,employee          
,retirement ,income ,security ,act of   
#aigd 7#bi ,u4,s4,c4 #acjf7;a77#c77 is  
amended--  7#a7 in clause 7i71 by       
striking plan1 and inserting plan other 
than a ,,csec plan 7as defined in       
section #baj7;f77#a772  7#b7 in clause  
7v71 by striking or at the end2  7#c7 in
 clause 7vi71 by striking the period at 
the end and inserting 1 or2 and  7#d7 by
 adding at the end the following new    
clause3  7vii7 in the case of a ,,csec  
plan 7as defined in section             
#baj7;f77#a771 for plan years beginning 

after ,december #ca1 #bjah1 for each    
individual who is a participant in such 
plan during the plan year an amount     
equal to the sum of--  7,i7 the         
additional premium 7if any7 determined  
under subparagraph 7,e71 and  7,,ii7    
#ai4  4  7b7 ,variable rate premium     
7#a7 ,unfunded vested benefits  7,a7 ,in
 general ,subparagraph 7,e7 of section  
#djjf7;a77#c7 of the ,employee          
,retirement ,income ,security ,act of   
#aigd 7#bi ,u4,s4,c4 #acjf7;a77#c77 is  
amended by adding at the end the        
following new clause3  7v7 ,for purposes
 of clause 7ii71 in the case of a ,,csec
 plan 7as defined in section            
#baj7;f77#a771 the term unfunded vested 
benefits means1 for plan years beginning
 after ,december #ca1 #bjah1 the excess 
7if any7 of-- 7,i7 the funding liability
 of the plan as determined under section
 #cjf7;j77#e77;,c7 for the plan year by 
only taking into account vested         
benefits1 over  7,,ii7 the fair market  
value of plan assets for the plan year  

which are held by the plan on the       
valuation date4  4  7,b7 ,conforming    
amendment ,clause 7iii7 of section      
#djjf7;a77#c77;,e7 of such ,act 7#bi    
,u4,s4,c4 #acjf7;a77#c77;,e77 is amended
 by striking ,for purposes and inserting
 ,except as provided in clause 7v71 for 
purposes4  7#b7 ,applicable dollar      
amount  7,a7 ,in general ,paragraph 7#h7
 of section #djjf7;a7 of such ,act 7#bi 
,u4,s4,c4 #acjf7;a77 is amended by      
adding at the end the following new     
subparagraph3  7,e7 ,,csec plans ,in the
 case of a ,,csec plan 7as defined in   
section #baj7;f77#a771 the applicable   
dollar amount shall be #i4  4  7,b7     
,conforming amendment ,subparagraph 7,a7
 of section #djjf7;a77#h7 of such ,act  
7#bi ,u4,s4,c4 #acjf7;a77#h77 is amended
 by striking 7,b7 and 7,c7 and inserting
 7,b71 7,c71 and 7,e74